Remember the credit ratings agencies? Back when the crisis was merely a squeeze, they seemed to be the root of all evil. When complex debt products began to topple, triple-As becoming double-Bs overnight, they were cast as despicable peddlers of misinformation, the architects of gigantic fraud, rather than – closer to the truth – publishing houses that got way out of their depth.

The European Commission, at least, has still got it in for them. Charlie McCreevy, the internal market commissioner, is now ploughing through responses to proposals he put out in the summer, seeking tougher regulations across Europe for the CRAs. Mr McCreevy is aiming to put something before Parliament in November. The sheer volume of respondents – more than 90 – shows the hostility he is up against.